SUMMARY
SYScoin (SYS/BTC) had completed the Cup & Handle pattern as the hand coincided with waves 1 and 2 (blue). Following the completion of wave 5, the abc (red) requisite correction was placed with a potential start of a reversal impulse. While there are multiple Elliott Wave labelings that are correctly probable, I've decided to use the abc corrective pattern for simplicity. Whenever you get two Ellioticians in a room, there will always be conflict regarding which label and types are best...it's unavoidable.
The 4 hour chart shows more detailed scope. Quite often, constant use of high resolution degrees of trend can trap an Analyst into myopia and miss the bigger picture scope, it does provide best view of subwaves to best validate next step probabilities. IF the abc is complete, then the likely Elliott Waves will be an impulse upwards of five as shown by the white subwaves. Could an all time hig be possible on this round of leg up? I believe multiple Altcoins could hit all time new highs; IF Bitcoin continues towards the $9k or so next target.
Legal Disclaimer: This is only my opinion, make of it what you wish. What does this mean? It means it's not advice nor recommendation to either buy or sell anything! It's only meant for use as informative or entertainment purposes.
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Elliott Wave Counting Tutorial #1
Elliott Wave Counting Tutorial #2
Elliott Wave Counting Tutorial #3
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Tutorial on the use of Fibonacci & Elliott Waves
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